Janux Therapeutics(US:JANX)2025-11-06 21:39Financial Performance - The company reported net losses of $81.7 million and $48.8 million for the nine months ended September 30, 2025 and 2024, respectively, with an accumulated deficit of $319.4 million as of September 30, 2025[120]. - Net loss for the nine months ended September 30, 2025, was $81.7 million, compared to a net loss of $48.8 million in 2024, an increase of 67.8%[140]. - The company anticipates continuing to incur net losses and negative cash flows for the foreseeable future[143]. Revenue and Income - Collaboration revenue increased to $10.0 million for the three months ended September 30, 2025, compared to $0.4 million in the same period of 2024, primarily due to a developmental milestone achievement under the Merck Agreement[134]. - Collaboration revenue decreased to $10.0 million for the nine months ended September 30, 2025, down from $10.6 million in 2024, a decline of 5.7%[139]. - Other income increased to $10.9 million for the three months ended September 30, 2025, compared to $7.8 million in 2024, attributed to higher interest income from cash and short-term investments[137]. - Other income rose to $33.6 million in 2025, up from $21.0 million in 2024, marking an increase of 60.8%[142]. - The company has not generated any revenue from product sales and does not expect to do so for the foreseeable future[125]. Expenses - Research and development expenses rose to $34.6 million for the three months ended September 30, 2025, up from $18.6 million in 2024, driven by increased costs in preclinical programs and direct costs for JANX007 and JANX008[135]. - Research and development expenses increased significantly to $94.3 million in 2025 from $47.6 million in 2024, representing a 98.1% increase[140]. - General and administrative expenses decreased to $10.6 million for the three months ended September 30, 2025, from $17.7 million in 2024, mainly due to reduced stock-based compensation[136]. - General and administrative expenses decreased slightly to $30.9 million in 2025 from $32.8 million in 2024, a reduction of 5.8%[141]. - The company anticipates significant increases in both research and development and general and administrative expenses as it continues to expand its operations and support ongoing clinical trials[130][136]. Cash Flow and Investments - Cash, cash equivalents, restricted cash, and short-term investments totaled $989.8 million as of September 30, 2025[143]. - Net cash used in operating activities was $53.7 million for the nine months ended September 30, 2025, compared to $27.1 million in 2024, an increase of 97.0%[149]. - Net cash used in investing activities was $330.5 million in 2025, up from $291.9 million in 2024, an increase of 13.2%[150]. - As of September 30, 2025, $150.0 million of common stock remained available for sale under the ATM Equity Offering program[144]. Clinical Development - The company’s first clinical candidate, JANX007, is in a Phase 1 trial for metastatic castration-resistant prostate cancer, showing meaningful PSA drops and a favorable safety profile[118]. - The second clinical candidate, JANX008, is being studied in a Phase 1 trial for multiple solid cancers, with positive early data indicating anti-tumor activity and low-grade adverse events[118]. Accounting and Risk - The company has not experienced any material changes to its critical accounting policies during the nine months ended September 30, 2025[161]. - A 10.0% change in interest rates would not have had a material effect on the fair value of the company's investment portfolio as of September 30, 2025[162]. - The company is not currently exposed to significant market risk related to foreign currency exchange rates, and a 10.0% change in these rates would not materially affect its financial statements[163]. - Inflation has not had a material effect on the company's business, financial condition, or results of operations during the three and nine months ended September 30, 2025[164]. Collaboration and Agreements - The company has entered into a research collaboration with Merck, potentially receiving up to $500.5 million per target in milestone payments and royalties on sales[123].